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ITAT Upholds Cash Basis Accounting for Duty Drawback Against AO Addition
Case Law Details
- Case Name
- Apex Irrigation Vs ITO (ITAT Rajkot)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Rajkot
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Apex Irrigation Vs ITO (ITAT Rajkot)
Receipt, Not Accrual – Duty Drawback Timing Issue Fixed- : Tribunal Accepts Consistent Cash Accounting Method
Duty Drawback Addition Deleted; Cash Basis Method Upheld
Assessee, a partnership firm engaged in manufacturing plastic products, filed ROI for AY 2018-19 declaring Rs.5,60,289. The case was selected for scrutiny to examine duty drawback & ICDS compliance. As per ITS data, total duty drawback sanctioned was Rs.15,70,775, whereas Assessee offered only Rs.10,73,593. AO added the difference of Rs.4,97,182 as income from other ...
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